Bleak forecast for job losses in Scottish financial sector
by Gill Montia
Ernst & Young’s Scottish Item Club has warned that Scotland’s economy will be hard hit by further job losses in the financial services sector.
In its recently released summer update, the economic forecasting unit says it expects unemployment in the region to peak at 230,000 in 2010 with the economy returning to grow at 1.7% in 2011, after a year of stagnation.
According to Scottish Item Club economic adviser, Dougie Adams, significant job losses are yet to come.
The merger of Lloyds TSB and HBOS alone has already been responsible for major job losses in Edinburgh.
Lloyds banking group recently announced that 625 posts would go in connection with the restructure of its wholesale banking division, with the job losses split between Edinburgh and London.
In addition, Royal Bank of Scotland announced in April that it is to shed another 9,000 jobs, half of them in the UK.
According to a report in The Scotsman, Edinburgh’s financial sector saw over 3,000 jobs either lost or put at risk of redundancy in the four months to the end of May.
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